The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “promptly set up a presidential panel of enquiry to thoroughly, impartially, and transparently investigate the operations of illegal oil pipelines from 2001 to date, and to widely publish the names of anyone suspected to be involved”. SERAP urged the President to “ensure the prosecution by appropriate anti-corruption …

The Nigerian National Petroleum Company Limited (NNPC Limited) has commended Tantita Security Services, led by former militant commander of the Movement for the Emancipation of the Niger Delta, High Chief Government Ekpemupolo (well known as Tompolo), for recent discoveries of illegal crude oil pipelines. On Saturday, a delegation of NNPC Limited, led by General Manager of the Joint Venture Operations of National …

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mallam Mele Kyari has announced that the NNPC as a corporation grew its profit after tax and assets from N287 billion and N15.86 trillion in 2020, to N674 billion and N16.3 trillion in 2021, respectively. Kyari said in Abuja that the 2021 profit is contained in the Group Audited Financial …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it is determined to take bold and revolutionary steps, using a non-kinetic approach, to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further degeneration. Although NUPRC is not an operator/producer, it has a statutory responsibility as a regulator to probe …

The Federal Government subsidised petroleum consumption by N2.57 trillion in the first eight months of this year, according to the Nigerian National Petroleum Company Limited (NNPCL). The controversial subsidy bill increased by 17.1 per cent between July and August – from N448.782 billion in July 2022 to N525.71 billion in August – while oil production in August averaged 1.18 million barrels …

The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mallam Mele has called on the international community to join Nigeria in its battle against crude oil theft. Almost 50 per cent of crude oil produced in Nigeria is lost to thieves. This has greatly reduced oil revenue due to the country. At the Nigeria International Economic Partnership …

…Nigeria Upstream Petroleum Host Community Development Trust regulation gazetted The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is in the process finalising seven draft regulations that would impact positively on the upstream oil and gas industry, according to its Chief Executive, Engr. Gbenga Komolafe. Opening a three-day industry stakeholder engagement in Abuja on Monday, Komolafe also announced that the Nigeria Upstream …

Nigeria’s full year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all the 36 states in 2021, according to leading economist, Mr Bismarck Rewane. Last year, all the 36 states in the country spent the equivalent of $9.8 billion, half what the nation will spend this year to cover …

A former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Comrade Peter Esele has said that the unabated crude oil theft in the Niger Delta could be tackled with the deployment of technology to halt the collaboration of officials, oil workers, and community members in the big business. Esele, who was also President of the Trade …

Petrol (or fuel) will cost will rise to as much as N462 per litre when the Federal Government eventually removes subsidy by June next year, according to the Nigerian National Petroleum Company Limited (NNPC Limited). It said the average international market-determined landing cost in the second quarter of this year was $1,283 per metric tonne. Marketing and distribution’s cost is …